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WWW.pwc.com Global IRA News brief Information reporting and withholding (IRA) January 26, 2012, Now is the time to notify officers and employees of their 2012 Correlated reporting obligations Officers
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Information reporting and withholding is a process by which certain entities are required to report specific information to the IRS and withhold taxes from certain payments.
Various entities including employers, financial institutions, and businesses are required to file information reporting and withholding.
Entities can fill out information reporting and withholding forms such as Form 1099, Form 1042, and Form W-2.
The purpose of information reporting and withholding is to ensure compliance with tax laws, facilitate tax collection, and prevent tax evasion.
Entities must report information such as income received, taxes withheld, and identification of recipients.
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